New York Gov. Kathy Hochul speaks during a press conference in August. Photo: Ryland West/ALM Insurance Enforcement by the New York State DFS: Does a New Governor Signal a New Chapter?
While much remains to be seen, including whether Governor Hochul will carry forward the same vigorous championship of the agency we saw from her predecessor, her pick to lead DFS, Adrienne Harris, may offer some signs of what's to come (assuming Harris is confirmed).
October 01, 2021 at 02:40 PM
8 minute read
When he entered office in January 2011, former Gov. Andrew Cuomo set out to create a joint, statewide banking and insurance regulator dedicated to the reformation of the New York financial services industry. Later that year, the state legislature accomplished just that by enacting the Financial Services Law, which married two of the nation's oldest regulatory bodies (the New York State Banking and Insurance Departments) to create one agency with enhanced regulatory and enforcement powers. That agency—the New York State Department of Financial Services (DFS)—opened its doors on Oct. 3, 2011. Almost 10 years later, on Aug. 24, 2021, Andrew Cuomo stepped down as Governor of New York in the wake of a sexual harassment scandal.
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